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Spotlight
The USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report for November is projected to slightly trim estimates for both domestic and global 2024/25 crop ending stocks, according to analysts polled by Fastmarkets.
The USDA is expected to reduce its US soybean production and yield estimates for the 2024/25 crop year and cut its forecast for both global and US ending stocks in its World Agricultural Supply and Demand Estimates (WASDE) report to be published on November 8, a Fastmarkets poll of eight traders and analysts showed on Wednesday November 6.
Market participants polled by Fastmarkets ahead of the USDA’s November World Agricultural Supply and Demand Estimates (WASDE) report update on Friday November 8 project that the agency will adjust new crop 2024/25 production figures higher, while revising ending stocks estimates lower.
Fastmarkets commits to publishing on a daily basis the bids, offers, indicative levels or other cash trading indications on any basis and geography that relates to any of the vital markets that have strong ties with Ukraine.
Market Commentary
Wheat Commentary
US wheat futures were mixed on Wednesday November 6, with market participants weighing the impact of President-elect Donald Trump’s reelection on commodity markets.
Corn Commentary
US corn futures moved higher on Wednesday November 6, despite initial weakness earlier in the day, on good global demand and higher weekly corn consumption reported by the USDA, with gains capped by market uncertainty following the US election.
Soybean Commentary
Soybean futures were mostly lower in a volatile session on the Chicago Mercantile Exchange on Wednesday November 6 after Republican candidate Donald Trump won the US presidential election. Prices dropped sharply earlier in the session amid prospects of US trade tariffs and potential renewed tensions with China, but the uptick in soyoil offset the downward pressure.
Vegoils Commentary
Crude palm oil (CPO) futures surged on Wednesday November 6 ahead of a key industry event in anticipation of speakers calling for a tight supply and demand balance outlook, while in Chicago soyoil futures also rose sharply after the results of the US presidential election.
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Editor's Pick
The US Department of Agriculture has slightly reduced its estimate for US soybean production, missing market expectations, while keeping ending stocks in 2024/25 unchanged, the World Agricultural Supply and Demand Estimates (WASDE) report showed on Friday October 11.
The USDA reduced its estimates for US wheat stocks and production for the 2024/25 marketing year, while slightly increasing its expectations for global ending stocks as lower demand and higher beginning stocks forecasts outweighed an output decline.
Corn production for 2024/25 was forecast to be 17.0 million bushels higher than last month's estimate, at 15.2 billion bu (386.18 million tonnes), with 183.8 bu per acre estimated, according to the USDA's October World Agricultural Supply and Demand Estimates (WASDE) report update released on Friday October 11.
US and global balance sheets remained mostly unchanged for soybean and downstream soy products in the USDA’s World Agricultural Supply and Demand Estimates (WASDE) monthly update released on Friday October 11, but futures across the complex fell after the release.
Popular last 7 days
The 2024/25 soybean sowing process has begun in Argentina and has reached 3.3% of the projected area of 19 million hectares, the Buenos Aires Grain Exchange (BAGE) said in its weekly report on Thursday October 31.
The USDA’s attaché in Turkey reported that it expects the country’s wheat, barley and corn production will decline in the 2024/25 marketing year because of dry weather, while the country still has immense inventories of wheat it is trying to liquidate.
Canada’s grain and oilseed exports totaled 1.5 million tonnes in the week ended Sunday October 27, a significant increase of 647,000 tonnes, or 74%, from 877,900 tonnes the week before, according to data from the Canadian Grain Commission released late on Thursday October 31.
Speculators in the US corn market cut short positions, helping send the net short to the highest level since August 2023, while adding shorts in soybean and wheat contracts in the week to Tuesday October 29, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday November 1.
More News
Dry bulk freight rates for Panamax vessels in the Atlantic fell further in the week to Wednesday November 6, as high tonnage availability and slow exports still weighed on rates.
Algerian local banks are understood to have begun the process of blocking all payments to French companies for goods supplied to Algeria, traders told Fastmarkets on Wednesday November 6.
US weekly ethanol production increased by 23,000 barrels per day to 1.105 million bpd in the week to November 1, according to data published by the US Energy Information Administration (EIA) on Wednesday November 6.
The Russian corn harvest progressed by 10 percentage points to 82% of the total planned area in the week ended Tuesday November 5, with current corn yields remaining below the five-year average, according to data seen by Fastmarkets on Wednesday November 6.
The winter grain sowing campaign in Ukraine advanced by 5 percentage points to 95% complete in the week ended Monday November 4, with 4.9 million hectares planted out of the 5.18 million ha planned for 2025/26, the country’s Ministry of Agrarian Policy has said.
Freight rates for vessels carrying palm oil cargoes within Asia were steady in the week to Wednesday November 6, on still lackluster sentiment due to limited inquiries and concerns caused by typhoons in Northeast Asia the past week, sources told Fastmarkets.
South Korean flour milling association Kofmia purchased around 50,000 tonnes of US-origin milling wheat of various grades in a tender concluded on Wednesday November 6, sources told Fastmarkets.
Brazilian soybean sowing reached 53.3% of the projected area of 47.3 million hectares in the week to November 3, a weekly advance of 15 percentage points, and surpassed the 48.4% completion rate from a year earlier, the country’s food agency Conab said in its weekly crop progress report late on Monday November 4.
Fastmarkets commits to publishing on a daily basis the bids, offers, indicative levels or other cash trading indications on any basis and geography that relates to any of the vital markets that have strong ties with Ukraine.